Life Insurance Quotes For Seniors

The average life span of Americans has increased steadily over the last century. This has meant an increase in the number of senior citizens. The life insurance needs of seniors differ from those of people in other age groups and life insurance companies now offer a number of policies tailored to meet the special needs of seniors, but before you buy life insurance, it is important to find the best life insurance for seniors. With TheLifeInsuranceQuote.com, it is easy to compare life insurance quotes for seniors to find the best policy and cheap rates.

Term Life Insurance s. Whole Life Insurance For Seniors

While senior term life insurance offers cheap premium rates, there is a risk that a senior may outlive the term of the policy and be left with no life insurance. Since most insurers will not accept applicants over 75 years of age, the senior may not be able to find another policy. Whole life insurance is permanent and accrues a cash value, but it is not as affordable or cheap as term life policies, and payments may not fit comfortably into the fixed income budgets of retirees.

Term Life Insurance For Seniors

Most seniors reduce their outstanding debt in preparation for retirement. They often have no financial dependents. Level term life insurance offers low premiums on policies with relatively low death benefits. These seniors only need to cover the cost of funeral expenses and any outstanding debts or medical bills that may be left when they die. It is easy to find life insurance quotes for seniors on level term life insurance policies with death benefits of $10,000 to $50,000.

Single Payment Whole Life Insurance

Seniors who want to invest retirement savings should consider the benefits of a single payment life insurance policy. The premium is paid in full when the policy is issued and a portion of the payment is invested in the cash value of the policy. The life insurance company usually guarantees a minimum return on the investment, which can be taken as dividends to provide extra income. The policy is permanent and provides a death benefit without any further payments by the insured person.

Limited Payment Life Insurance

Seniors who are contemplating retirement should consider the option of limited payment life insurance. Premiums are paid in full over a period, perhaps 10 years. When all the premiums are paid up, the policy is permanent and has a cash value that pays dividends. The cash value can also be used as collateral for a no interest loan if emergencies arise. The death benefit is reduced by the outstanding loan balance, but the loan does not have to be repaid.

Survivorship Life Insurance

For affluent senior couples, second to die or survivorship life insurance may offer the best option. The policies cost less than some other types of life insurance and insure both husband and wife, or both parties in a business partnership. The death benefit is not paid until the second partner dies.

The proceeds of life insurance policies are not taxable and the death benefit can help heirs cover the costs of estate and income taxes. Life insurance quotes for seniors can provide estimates on the rates for survivorship policies.

Adjustable Life Insurance

Some whole life insurance policies offer seniors the flexibility to adjust the amount of the policy and premiums to meet changing needs in their life, budget or coverage needs. Like other whole life policies, adjustable life insurance has a cash value and provides permanent coverage for the insured. Consumers whose financial needs may change over time can get life insurance quotes for seniors to compare the rates of adjustable life insurance policies or other types of coverage.

Annuities Provide Income

Annuities are an investment vehicle. Money paid for the annuity is invested in financial markets – equities and bonds. Most annuities offer a guaranteed rate of return and agree to pay specific amounts to the owner of the annuity over a period of time.

The premium payments may be deducted from the earned returns or a portion of the principal investment. Some annuities have a feature that will pay a death benefit to designated survivors – husband, wife, children, or other beneficiaries. Annuities are often offered through life insurance companies.

Why Do Seniors Need Life Insurance?

Even seniors with no outstanding debts will leave some final expenses, like utility or medical bills, when they die. Funeral expenses average about $10,000, not including the cost of a burial plot and expenses. Even seniors who have pre-paid funeral arrangements should carry a small life insurance policy to cover any unexpected final expenses, even if it is only final expense life insurance. The cheapest life insurance rates can be found by comparing life insurance quotes for seniors.